Germany -Talks with Neckermann cannot avoid business closure -July 18, 2012

Despite efforts of the trade unions the pan-European mail order retailer Neckermann has begun insolvency proceedings after its backers rejected turnaround plans. The company had announced in April 2012 that it was phasing out its catalogue business and planned to cut 1,380 of its roughly 2,400 jobs in Germany in order to secure financing for the future. By mid-July, it agreed with employee and union representatives on a compromise that would have seen ‘limited’ payoffs and other aid for laid-off employees. But private investment firm Sun Capital Partners that owns 100% of Neckermann decided the result wasn't sustainable and refused to provide further financing.

English:  http://www.wect.com/story/19053873/german-mail-order-firm ... http://www.wsws.org/articles/2012/jul2012/neck-j09.shtml

German: http://www.fr-online.de/frankfurt/neckermann-insolvenz-alles-aus ...

 

This article was published in the Collective Bargaining Newsletter. It aims to facilitate information exchange between trade unions and to support the work of ETUC's collective bargaining committee. For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Mariya Nikolova mnikolova@etui.org. All rights reserved. The ETUI is not responsible for the content of external internet sites.

For previous issues of the Collective bargaining newsletter, please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. You may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net. © ETUI aisbl, Brussels 2012. To unsubscribe, please contact Mariya Nikolova.


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